The US lingerie provider Victoria’s Secret & Co. had to accept a high loss in the third quarter of the 2023/24 financial year after further losses in sales.
However, the current results, which were published on Wednesday evening, were in line with expectations, emphasized CEO Martin Waters in a statement. The company continues to trust in its reform course and sees this confirmed by the recent positive sales trends, he explained.
In the 13 weeks before October 28th, the parent company of the brands Victoria’s Secret, Pink and Adore Me generated sales of almost 1.27 billion US dollars (1.16 billion euros). This corresponded to a decline of 4.0 percent compared to the same quarter of the previous year.
In the group’s North American stores, sales fell by 11.0 percent to $723.0 million, while in online business they increased by 11.9 percent to $382.5 million. In international business, sales fell by 2.4 percent to $159.6 million.
Due to a lower gross margin and higher operating costs, the company slipped into the red. The operating loss amounted to 67.1 million US dollars, after an operating profit of 42.6 million US dollars in the same period last year. The bottom line was a net loss attributable to shareholders of $71.2 million (€65.2 million). The group closed the third quarter of last year with a corresponding surplus of $24.4 million.